Bradford company completes major order thanks to fast Finance Yorkshire cash boost
Published: 12th December 2011
Left to right: Bar Products and Services Company Director Steven Rika with Finance Yorkshire Investment Manager Grahame Lunt
A Bradford-based engineering company that specialises in supplying the global wire industry secured a significant export order thanks to a speedy £75,000 investment from Finance Yorkshire.
Bar Products and Services, established in 1992, is one of Europe’s major suppliers of precision parts, tools, and associated products for the wire, tube and rod drawing industry. Over recent years the company has seen an increase in international orders from America, Asia and the Far East.
When a large order came from India, company director Steven Rika went on the search for a quick but reliable source of funding and came across Finance Yorkshire. The whole investment process was completed within three weeks.
Steven said: “We needed a loan to finance a large order we had received from India. Payment terms were agreed with our customer and we were to receive a deposit with full payment on completion, meaning we needed the funds to carry out the order in the first place.
“This was a very significant order for the company and we wanted to get it underway, so required a fairly quick turnaround, I looked into various options and Finance Yorkshire seemed ideal.”
After hearing about Finance Yorkshire, Steven consulted company accountant, Ian Gill of Watson Buckle LLP Accountants, who agreed that Finance Yorkshire could be the investor that Bar Products and Services needed.
Steven said: “After asking for Ian’s advice, I got in touch with Finance Yorkshire. Ian came along to the first meeting I had with our Finance Yorkshire Investment Manager, Grahame Lunt, and it all ran smoothly from then on.
“The loan was approved within three weeks, allowing us to get to work on the order. I was very pleased with the whole process, it was quick but professional - exactly what we needed. I would definitely recommend it to other businesses looking for funding and I am now looking into future opportunities with Finance Yorkshire.”
Finance Yorkshire Investment Manager Grahame Lunt said: “Bar Products and Services is a well established company that has experienced successful international business and secured a position as one of Europe’s major suppliers for the industries in which it works.
“The nature of the company and the products it manufactures means there is great scope to grow the export side of business across other continents. We were really pleased to be able to assist Steven and his team by providing the funds they needed up front to complete such a significant order for the company, and we hope it leads to similar orders for them in the future.
“It was good to hear that Steven was pleased with our investment process and we have made plans to meet to discuss the potential of future investment.”
Helping a range of small and medium sized businesses to meet their funding requirements for growth and development, Finance Yorkshire provides seedcorn, loan and equity linked investments, ranging from £15,000 to £2m.
Finance Yorkshire has invested over £13 million in companies throughout Yorkshire and the Humber, levering £2.26 to every £1 invested generating approximately £27m in additional private sector leverage.
The project is supported financially by the European Union. It has attracted £30million investment from the European Regional Development Fund (ERDF) as part of Europe’s support for the region’s economic development through the Yorkshire and Humber ERDF Programme, £15million from Yorkshire Forward’s Single Programme, and £45million match funding from the European Investment Bank.
For more information about Finance Yorkshire, please visit www.finance-yorkshire.com or ring 0845 649 0000.
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